Altus Power buys 11-MW solar portfolio in New Jersey

November 8 (Renewables Now) - Altus Power America Inc this week said it has acquired a rooftop and carport solar portfolio in New Jersey with a total direct current (DC) capacity of about 11 MW.

The portfolio of more than 20 solar systems was purchased from an unnamed private equity firm.

The sites sell their electricity mainly to local businesses and corporations and receive New Jersey Solar Renewable Energy Credits (SRECs), supporting the state's goal of reaching 100% clean energy by 2050. The portfolio produces about 13 million kWh of electricity a year, which is sufficient to meet the demand of 1,000 homes.

Altus Power is a Connecticut-based renewables company funded by Goldman Sachs, Global Atlantic Financial Group and FS Investments. It says it continues to seek additional opportunities to acquire solar assets.